US Weekly Jobless Claims Fall Below 1 Million

US Weekly Jobless Claims Fall Below 1 Million Since the start of the pandemic, the United States has recorded historical figures in the number of people filing for unemployment benefits. This week, the lowest number of weekly initial claims has been recorded.   963,000 Americans filed for unemployment benefits last week on a seasonally adjusted basis. It’s the first time in five months that the number is below a million, according to the US Labor Department. Still, the numbers are historically high. In the same week last year, just 218,000 people filed for initial benefits. Economists say it’s encouraging that claims for unemployment are going down because it means people keep returning to work. According to CNBC, chief economist at PNC Financial Services Gus Fauche wrote that the labor market continues to improve, but unemployment remains a huge problem for the US economy. He added “The number of people filing for unemployment insurance, both regular and PUA benefits, continues to steadily decline as layoffs abate. But job losses remain extremely elevated, far above their pre-pandemic level.” The total number of jobless claims marks the second week of declines since a provision expired on July 31 that gave unemployment insurance recipients an extra $600 a week on top of their normal compensation. Congressional negotiations are currently underway to extend the financial relief after President Donald Trump issued an executive order that would provide an extra $400.   You might also be interested in:

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